Graham Thorner, part-owner of Marching Song – one of the two horses killed by electrocution in the paddock at Newbury’s Totesport Trophy meeting in February – has described an offer of compensation as “insulting”.

Thorner, who runs a livery stables at Letcombe Regis, near Wantage, declined to go into the amount put forward by Royal and Sun Alliance, the racecourse’s insurers.

But the former champion jockey and Grand National winner said it was way off his valuation and that of his fellow owners, who include Jim Lewis, whose colours were carried by triple Cheltenham Gold Cup hero Best Mate.

Thorner said: “We were hoping to have a meeting with Newbury racecourse, the insurers and officials to sit around a table and come to an agreement.

“We were led to believe for a long time that was going to happen.

“And then all of a sudden we get an insulting offer, which I don’t think we should go into the specifics of, but it is way out.”

Now they have instructed their solicitors to write to Newbury. “We are saying the offer is not acceptable and we are asking again for a meeting and instructing our solicitors to give Newbury Racecourse 28 days to accept,” he added.

Fenix Two, owned by JP McManus, was also killed in the freak incident.